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Malaysia Daybreak | 1 July 2021 FBMKLCI Index

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Malaysia Daybreak | 1 July 2021 FBMKLCI Index Malaysia│February 12, 2018 Key Metrics Malaysia Daybreak | 1 July 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Rubber Gloves – Covid-19 driven tailwinds are subsiding 1,500 We downgrade the sector to Neutral from Overweight, due to weaker earnings 1,450 prospects (declining ASPs and aggressive capacity build-up). Overall sector 1,400 valuations (17.1x CY23F P/E vs 5-year historical mean [2015-2019] :19.5x) have Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 largely priced-in the sector’s weaker earnings prospects. We believe, current ——————————————————————————— sector valuations will be supported by: i) solid dividend yields, ii) strong balance FBMKLCI sheets and iii) subsiding ESG risks. 1,532.63 -15.68pts -1.01% JUN Future JUL Future 1534.5 - (-0.78%) 1533 - (-0.97%) ——————————————————————————— Banks – A continuous downtrend in LLP in 2Q21F? Gainers Losers Unchanged Malaysian banks’ loan growth was stable at 3.9% yoy for both Apr and May 21 310 662 424 ——————————————————————————— (May 21 household loan: +6.1% yoy; business loan: +0.4% yoy). Based on the Turnover RM222.8m drop in banks total provision in Apr-May 21, we see the possibility for 4645.83m shares / RM2673.292m banks’ LLP to decline yoy and qoq in 2Q21F. We reiterate our Overweight call on 3m avg volume traded 6467.39m shares banks, premised on the expected expansion in net interest margin and lower LLP 3m avg value traded RM3749.79m ——————————————————————————— in 2021F. Regional Indices FBMKLCI FSSTI JCI SET HSI 1,533 3,130 5,985 1,588 28,828 Gaming – NFOs: Earnings recovery from 4QCY21F ———————————————————————————————— Market Indices We cut BST’s/MAG’s FY21-22F/FY21F core EPS by 12-29%/61%, after Close % chg YTD % chg assuming 3.5-month NFO outlet closures amid the FMCO from 1 Jun 2021. FBMKLCI 1,532.63 (1.0) (5.8) FBM100 10,875.09 (0.9) (5.5) While 2Q-3QCY21F may slip into losses due to outlet closures, we see a return FBMSC 15,422.58 (0.5) (0.9) to net profits for BST/MAG in 4QCY21F and full recovery in CY22F. Reiterate FBMMES 6,949.35 (1.8) (35.3) sector Overweight, with MAG as our preferred NFO pick. Dow Jones 34,502.51 0.6 12.7 NASDAQ 14,503.95 (0.2) 12.5 FSSTI 3,130.46 1.3 10.1 FTSE-100 7,037.47 (0.7) 8.9 Cypark Resources Bhd – Expecting a stronger 2H SENSEX 52,482.71 (0.1) 9.9 Hang Seng 28,827.95 (0.6) 5.9 JCI 5,985.49 0.6 0.1 Cypark’s 1HFY10/21 core net profit was within expectations; we expect a KOSPI 3,296.68 0.3 14.7 seasonally stronger 2H. 1HFY21 core net profit dropped 17% yoy on weaker Nikkei 225 28,791.53 (0.1) 4.9 PCOMP 6,901.91 (0.8) (3.3) revenue due to the slowdown in construction activities. Reiterate Hold with a SET 1,587.79 (0.2) 9.6 SOP-based TP of RM1.00. Shanghai 3,591.20 0.5 3.4 Taiwan 17,755.46 0.9 20.5 ———————————————————————————————— Top Actives Close % chg Vol. (m) SERBA DINAMIK 0.330 3.1 379.6 ▌News of the Day… SEDANIA 0.725 45.0 203.8 ———————————————————————————————————————————————————————————————————————————————————————— KUMPULAN JETSON 0.345 19.0 119.1 SAUDEE GROUP 0.205 10.8 104.3 • PM: RM147.1bn allocated especially to assist SMEs since 2020 OCR GROUP 0.210 2.4 91.0 • Agong decrees Parliament should reconvene before 1 Aug HIAP TECK VENTURE 0.510 (9.7) 84.4 SAPURA ENERGY 0.125 (3.8) 82.1 • Resorts World Las Vegas buys private jet from Genting HK-linked entity EDARAN 0.805 23.8 76.4 ———————————————————————————————— • Mah Sing Group hit property sales of RM650.5m in 5M21 Economic Statistics • Paramount, Star Media and RCE Capital jointly apply for digital bank licence Close % chg US$/Euro 1.1859 (0.02) RM/US$ (Spot) 4.1490 (0.02) RM/US$ (12-mth NDF) 4.2091 (0.44) OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,770.20 0.01 WTI crude oil US spot (US$/barrel) 73.47 0.67 CPO spot price (RM/tonne) 3,727.50 0.62 ———————————————————————————————————————— Ivy NG Lee Fang, CFA T (60) 3 2261 9073 E [email protected] Show Style "View Doc Map" IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. IF THIS REPORT IS DISTRIBUTED IN Powered by the THE UNITED STATES IT IS DISTRIBUTED BY CIMB SECURITIES (USA), INC. AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH. EFA Platform Sources: CIMB. COMPANY REPORTS Sources: CIMB. COMPANY REPORTS Malaysia Daybreak | July 1, 2021 Global Economic News US private payrolls increased by 692,000 jobs in Jun. Data for May was revised lower to show 886,000 jobs added instead of the initially reported 978,000. The ADP National Employment Report on Wednesday showed hiring in the leisure and hospitality sector accounting for nearly half of the increase in private payrolls this month. Manufacturing payrolls growth slowed, likely reflecting labor shortages as well as scarce raw materials. A global shortage of semiconductors is hampering production of motor vehicles and some household appliances. (Reuters) Malaysia Economic News The Government will reconsider its previous decision to administer the Pfizer Covid-19 vaccine to adolescents, following reports of side effects involving heart inflammation, especially among male recipients. National Covid-19 Immunisation Programme Coordinating Minister, Khairy Jamaluddin, said that his team, together with the Ministry of Health (MOH) and the Ministry of Education (MOE), will hold a meeting to discuss the issue. (Bernama) The implementation of the Selangor Vaccination Programme (Selvax) by the state government along with additional doses provided by the Special Committee on Covid-19 Vaccine Supply will lead to a projected vaccination rate of 165,000 by August, said Mentri Besar Datuk Seri Amirudin Shari. He said once the programme begins, Selangor is expected to see 135,000 doses administered by the end of Jul. (Malay Mail) Payment of additional assistance under the Bantuan Prihatin Rakyat (BPR) to 8.4m eligible recipients will be made in stages, starting 30 Jun, involving an allocation of RM2.1bn. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, said of the total recipients, 3.6m were households, one million were senior citizens, while another 3.8m were single individuals. (Bernama) Tan Sri Muhyiddin Yassin on 30 Jun launched the MyAssist MSME Portal, a one-stop centre and new norm solution for business facilitation needs of the small and medium-sized entreprises (SMEs). The Prime Minister said as a Government initiative under the National Economic Recovery Plan (PENJANA), the portal provides a platform for SMEs to seek business advisory and information, guidance and digital marketing opportunities. (Bernama) The Government has allocated RM147.1bn especially to assist the small and medium enterprises (SMEs) through various economic stimulus packages announced since 2020, said Prime Minister Tan Sri Muhyiddin Yassin. With the implementation of these packages, SMEs’ growth prospects would recover gradually this year in line with the overall economic growth forecast, he said. (Bernama) The Selangor government has announced that online registration for SISM40, an Internet subsidy scheme for the middle 40% income group (M40) in the state, will begin on 1 Jul. The Skim Internet Selangor M40 by Menteri Besar Selangor Incorporated (MBI Selangor) is in partnership with Telekom Malaysia Bhd (TM). The M40 can enjoy a discount of RM10 to RM30 for 12 months through any of unifi’s eight packages in the Family, Singles and Basic categories. (Bernama) AstraZeneca on 30 Jun confirmed that 586,700 doses of its Covid-19 vaccine are planned for delivery to Malaysia in early Jul, followed by additional deliveries in subsequent weeks and months. In a statement on 30 Jun, the British-Swedish multinational pharmaceutical and biotechnology company 2 Malaysia Daybreak | July 1, 2021 said it had delivered over 828,000 doses of its vaccine to Malaysia to date, and is on track to deliver 6.4m doses by early next year. (The Edge Markets) Growth prospects of small and medium enterprises (SMEs) are expected to recover gradually in 2021, in line with the overall economic growth forecast, said Prime Minister Tan Sri Muhyiddin Yassin. The growth will be supported by the implementation of the economic stimulus packages, such as the RM150bn National People’s Well-Being and Economic Recovery Package (PEMULIH) announced on Monday, he said. (Bernama) The basic reproduction number (R-naught or R0) for Covid-19 infections nationwide has risen to 1.04 as at 29 Jun, according to Health Director-General (DG) Tan Sri Dr Noor Hisham Abdullah in his tweet on 30 Jun. The Health DG posted a chart showing that Malaysia’s Covid-19 infections now have reversed their downtrend, heading for 6,000 daily cases in the first half of Jul. Based on the current Susceptible-Exposed-Infectious-Removed (SEIR) projection, forecast new cases could breach the 7,000-mark if non-compliance continues and R0 climbs to 1.2. (The Edge Markets) The retail prices of RON95 petrol and diesel will remain unchanged at RM2.05 and RM2.15 per litre respectively for the period of 1 to 7 Jul. Meanwhile, the retail price of RON97 will increase by two sen per litre from RM2.67 to RM2.69. (Bernama) The vaccination process for more than 400 Parliament staff began on 30 Jun at several vaccination centres in the federal capital, said Coordinating Minister for the National Covid-19 National Immunisation Programme Khairy Jamaluddin.
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